Case Law Details
Geetika Sachdev Vs ITO (ITAT Delhi)
Dispute involved in ground no. 2 is squarely covered by the decision dated 12.01.2019 of the ITAT, Pune-B, Bench, in the case of Rahul Constructions vs. DCIT passed in ITA No. 1543/Pn/2007 (AY 2004-05) wherein, it has been held that the margin between the value as given by the assessee and the Departmental Valuer was less than 10 percent and the difference is liable to be ignored and the addition made by the lower authorities on this count cannot be sustained and accordingly, the same was deleted. Similarly, in the case in hand, the difference between sale consideration shown by the assessee at Rs. 90 lacs and fair market value estimated by the DVO at Rs. 98,40,000/- which was less than 10% and hence, the same is liable to be ignored and, therefore, the addition confirmed by the Ld. CIT(A) is not tenable and needs to be deleted.
FULL TEXT OF THE ITAT JUDGEMENT
This appeal filed by the assessee against the impugned order dated 31.07.2018 passed by the Ld. CIT(Appeals), Muzaffarnagar in relation to assessment year 2014-15 on the following grounds:
On the facts and in the circumstances of the case and in law the Ld. CIT(A) erred in:
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